Ruen Naidu (Head of MAC & Macro Strategies)

Argon Asset Management (Pty) Ltd is a registered financial services provider

Ruen Naidu (Head of MAC & Macro Strategies)

PRESENTER

"An investor initiative in partnership with UNEP FI and the UN Global Compact"

FAIS Accreditation: Ruen Naidu (RE1, RE3, RE5) is FAIS accredited

External Compliance Officer | Tim Howse (eComply) | E: [email protected] | T: 021 671 8162

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mailto:[email protected]


1. Business overview

2. Governance Structure

3. Argon SA Bond Fund

4. Team profiles

4. Disclosures and contact details

TABLE OFCONTENTS

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COMPANY BACKGROUND

GOVERNANCE

OWNERSHIP STRUCTURE

YEARS IN BUSINESS

STAFF COMPLIMENT

TRACK RECORD

16 years, established in April 2005

All staff are shareholders

Total staff compliment 33 Combined Investment Experience

Macro team 5 61 yearsEquities team 7 91 yearsCustomised solutions & Dealing 5 34 yearsEXCO 2 42 yearsSupport 14

FSCA Regulated, Licence number 835 (Cat I & II)

Auditors: SNG Grant Thornton

GIPS Compliant & Audited

Majority Independent Non-Executive Board Members

Fixed Income 15 years| Equities 15 years | Multi Asset 14 years

TRANSFORMATION Level 1 BBBEE status

Investment team, 81% PDI representation

Total staff, 91% PDI representation

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R29.1 billion (55 institutional mandates - 41 segregated and 14 unitized)

ASSETS UNDER MANAGEMENT30 JUNE 2021

SA Equities67%

SA Fixed Income

19%

SA Multi Asset Class

14%

3.6%

4.8%

12.7%

78.7%

0% 20% 40% 60% 80% 100%

Multi Managers

Medical Schemes

Insurers

Retirement Funds

Client type

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GOVERNANCE & BOARDSTRUCTURE



BOARD OF DIRECTORS

Dr. Manas Bapela (CEO)

Ph D (Mathematics) Univ of Pretoria M Sc (Mathematics) cum laude, Global Investment Risk Management, Oxford University UK22 years experience

Luyanda Joxo, CFA

B Com Hons (Fin Mgt) UCTB Tech (Cost & Mgt Acc) CPUT

Ms Nomavuso Mnxasana, CA (SA)

B Compt Hons (UNISA),MCom (Tax Law) – pending

Ms Aziza Galiel, CA (SA), CFA

B Com (UCT), Post Graduate Diplomain Accounting (UCT)

Ms Tasneem Sulaiman

B Proc (UWC)

Non-Executive Directors Executive Director

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Ms Nomavuso Mnxasana, CA (SA)

B Compt Hons (UNISA),MCom (Tax Law) – pending

Ms Aziza Galiel, CA (SA), CFA

B Com (UCT), Post Graduate Diplomain Accounting (UCT)

Ms Tasneem Sulaiman

B Proc (UWC)

Audit & Risk Chairperson Social & Ethics ChairpersonBoard Chairperson

BOARDCOMMITTEES

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EXECUTIVE COMMITTEE

Dr. Manas BapelaChief Executive Officer

Ph D (Mathematics) Univ of Pretoria M Sc (Mathematics) cum laudeGlobal Investment Risk Management, Oxford University UK22 years experience

Sello Setai Chief Operating Officer

M Com (Fin Mgt) UCTB Acct (Acc & Tax) UKZN20 years experience

EXCO members are Key Individuals of the firm

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ARGON FIXED INCOME OFFERING



ARGON FIXED INCOME CAPABILITY

High

Medium

Low

Low Medium High

Ret

urn

Risk

Money Market

Flexible Income

Bonds

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MACRO TEAMFIXED INCOME & MULTI ASSET CLASS

Krishna SatheeHead of Fixed IncomeB Sc Hons (Statistics) UNISA24 years experience

Janine Pein, CA (SA) Head of CreditB Com WITS, B Acc Sci (Hons) UNISA19 years experience

Ruen Naidu Head of MAC & Macro SolutionsB Bus Sc Hons (Actuarial Science) UCT13 years experience

Litha MadabaneFixed Income AnalystB Tech (Man) (cum laude) NMMU Alum of the Argon Schroders Graduate ProgramCandidate CFA 15 years experience

Andile Sibanda Trainee Investment AnalystB Com (Fin, Inv & Economics) UWCB Com Hons (Economics) UWCM Com (Economics) UCT - candidate

New Appointment (1 September 2021) Portfolio ManagerB Com Honours Investment Management (cum laude) (UJ)B Com Financial Management Sciences (UP)6 years experience

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ARGON SA BOND FUND PRODUCT DETAILS

Fund Launch DateFebruary 2006

Fund Size as at 30 June 2021ZAR2.8 billion

Fund BenchmarkAll Bond Index (ALBI)

Fund ObjectiveOutperform ALBI by 1% over a rolling 12-month period

Fund StrategyActively managed fund that follows a multi-strategy approach. The strategy combines duration, yield curve trades and credit.

Risk ProfileModerate risk profile

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ARGON SA FIXED INCOMEINVESTMENT PHILOSOPHY & PROCESS



Philosophy

Markets are complex adaptive systems

Crowd psychology & Reflexivity

Economic & market cycles

Randomness and uncertainty prevails but human biases endure

Supply and demand drives price action

Alpha is generated by applying second level thinking

OUR FIXED INCOME APPROACH

Duration positioning

Active yield curve Management

Yield enhancing strategies

Risk management

Investment StrategyRationale

Volatility requires active portfolio management

Duration risk is the largest driver of

investment returns

Diversification reduces volatility

and enhances returns

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INVESTMENT PROCESS

Local & international market outlook

Investment Theme(s)

Economic data and market trends

Expectations for rates and Inflation

Ongoing market monitoring & research

Daily macro screens

Team-based approach

Duration position limits

Yield curve sector limits

Counter party limits

Corporate credit sector limits

Equity team fundamental screens for credit

Credit committee

Active portfolio management

Expected returns on a 3 to 6-month view

Enhance yield & diversify exposures

Duration Yield curve exposure

Risk budget

Instrument selection(Government bonds)

Fundamental screening & relative valuation

Instrument selection& continuous

monitoring

Investment Process

Portfolio Construction

Risk Management

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INVESTMENT PROCESSDURATION SETTING

Active duration position limited to ±2 years relative to ALBI

Decision on interest rate direction (cycle) and inflation view informed by reviewing:

Inflation data and inflation expectations

Levels of money supply

Private sector credit extension data

Direction of commodity prices

Economic growth data (levels, direction & expectations)

Current account balance

Emerging Market Bond Index (EMBI) spreads relative to Developed Markets (DMs)

Currency market trends

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INVESTMENT PROCESSDURATION SETTING CONTINUED

SA 10-year vs UST 10-year

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Source: Bloomberg


INVESTMENT PROCESSDURATION SETTING CONTINUED

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Sector over & underweight positions informed by

Fiscal and monetary policy evolution

Duration stance

Issuance

Yield attractiveness

PORTFOLIO CONSTRUCTIONYIELD CURVE POSITIONING

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PORTFOLIO CONSTRUCTIONINSTRUMENT SELECTION

ALBI modified duration = 7.3 years, targeted modified duration = ALBI + 0.3 years = 7.6 years

Sectors Govi bonds Mod Dur Spot Yield Target Yield 3-mth TRR Pf weights Total Mod Dur1-3 years (4.7%) R 204 2.02 7.94 7.40 2.93 2.00% 0.043-7 years (16.3%) R 207 2.88 8.20 7.66 3.46 1.00% 0.03

R 208 3.70 8.39 7.85 4.04 7.00% 0.26R 2023 4.96 8.62 8.08 4.77 8.50% 0.42

7-12 years (19.2%) R 186 6.30 8.92 8.38 5.6 18.50% 1.1712 years+ (59.8%) R 2030 7.33 9.29 8.79 6.19 9.00% 0.66

R 213 8.32 9.30 8.80 5.86 2.00% 0.17R 2032 7.98 9.38 8.88 6.51 9.00% 0.72R 2035 8.73 9.46 8.96 6.83 2.00% 0.17R 209 9.25 9.42 8.92 7.23 10.00% 0.93R 2037 9.00 9.53 9.03 6.97 2.00% 0.18R 214 10.02 9.50 9.00 7.58 9.50% 0.95R 2044 9.63 9.57 9.07 7.35 9.50% 0.91R 2048 9.96 9.54 9.04 7.57 10.00% 1.00

Total 100.00% 7.60

TOTAL RETURN ANALYSIS 3-MONTH HORIZON

Credit instrument selection

Yield pickup

Duration contribution

Fundamental analysis

Credit Committee approval

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INVESTMENT PROCESSRISK MANAGEMENT

Element Limits

Duration Max 2 years active relative to ALBI

Yield Curve Max 25% of sector size bet on ALBIs 12 year+ sector

Counter Party 5% for corporates and 15% for parastatals (mandate driven)

Credit Max 50% overall portfolio exposure

Quantitative risk controls

Element Risk controls

Team structure A dedicated FI team + depth of the broader macro & equities team A CIO focusing on investment process integrity and risk management

Credit committee

Reviews corporate credit proposals and approves exposure limits, chaired by the CIO, other members include the Head of Compliance, Head of Credit and sector specialist (by invitation).

Compliance processes Pre- & post-trade compliance process Trade size limits Systems integrity (proprietary and straight through processing)

Qualitative risk controls

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RESEARCHRESPONSIBILITIES

Component Research Responsibility

Macro Economic Analysis

- Inflation Environment - local- Macro economic data - local- Global macro picture

Krishna Sathee (Head of Fixed Income)Ruen Naidu (Co-Portfolio Manager and Head of Macro Strategies)Banks & Broker research

Bond Market Valuation Model

- Fair Value determination- Yield & Duration Curves- Breakeven & Scenario Analysis

Krishna Sathee (Head of Fixed Income)

Directional Trading

- Short Term Opportunities- Data Releases- Derivative strategies

Krishna Sathee (Head of Fixed Income)Ruen Naidu (Co-Portfolio Manager and Head of Macro Strategies)

Credit Analysis

- Fundamental issuer research- Relative Valuation- Risk Measures

Janine Pein (Head of Credit)Equities Team Credit Committee

- Portfolio Construction & Risk ManagementKrishna Sathee (Head of Fixed Income)Portfolio Compliance Process

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CREDIT RESEARCHPROCESS



When we invest, we are cognisant that the credit market is illiquid and we need to adopt a buy and hold stance. This requiresa robust credit process, in order to avoid (as much as possible) default risk.

Components of the credit process

1. Fundamental analysis

2. Relative value analysis

3. Credit rating

4. Review of all relevant legal documentation

5. Credit Committee

6. Ongoing oversight of credits held within the portfolio

7. Embargo list

INVESTMENT PROCESSCREDIT PROCESS

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5-year financial information

Fundamental Analysis

Cash generation; revenue; leverage,

profitability & corporate strategy

Equities Team Fundamental view

Incl ESG

Economic analysis overlay & review of legal

documentation

Credit Committee approval (Quarterly & Ad-hoc meetings; members include CEO-Chair, Deputy CEO, COO, Equities Team Rep & FI team (non-voting)

Approved list & embargo list

Ongoing monitoring (Financial model updates, corporate actions, spread movements)

Assess current market trends per issuer &

industry specific

In-house rating analysis to assess all risk factors

Relative value at risk analysis

Bond tenor & interest profile (fixed, floating or

CPI linked)

Focus on downside risk

Ongoing monitoring of ratings changes

Relative Value Analysis

Ratings ESG

For SOE’s & Local Authorities current

focus is on G

Additional ESG insights & views from the Equities Team for

Corporates

In-house research & broker ESG research

ESG Committee chaired by the Deputy CEO

Balance fundamentals with

Valuation

INVESTMENT PROCESSCREDIT PROCESS

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RISK PHILOSOPHY & RISK MANAGEMENT



Our risk management framework recognises that successful management focusses on

Diversifying sources of excess return

Need an actively managed fixed income portfolio in a highly volatile market

Diversifying across the investment universe

Diversifying sources of risk

Interest rate risk (Portfolio max duration 2 years)

Liquidity risk (% of bank assets and cash on hand)

Default risk (credit research by our credit analyst/credit committee)

RISKPHILOSOPHY

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Instruments are screened for credit default risk

In-house credit analyst & screening tools Analysis of credit rating reports Issuer/management interactions External broker research analysis In-house equities team consultation as well

In-house equities team and screening tools Issuer fundamental analysis utilising internal fundamental screening & valuation tools Interaction with company & issuer management External broker research analysis

In-house credit committee (oversight role) Approves issuer/issue exposure limits Committee is chaired by the CIO and includes the Equities Portfolio Manager, the COO and the Head of

Credit

DEFAULT RISKMANAGEMENT

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CURRENT VIEWS



Our thesis incorporates an early-cycle global recovery with reflationary conditions.

This view anticipates a rising growth profile and an uptick in inflation.

Built into this thesis is a continuation of the commodity boom and a weaker dollar.

The Fed has signalled no intention to tighten policy until labour markets recovery extends and the US Treasury. The ECB has completed its strategic review and has resulted in a perceived dovish approach in the medium term.

Expect SARB to remain on hold for 2021.

CURRENT VIEWS

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TAPER RISK

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Source: Bloomberg


TAPER RISK

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Macro Dashboard Performance Over Entire Period Stable Factors Rising Factors

Average Return Average Return Average Return

Asset Class [Range] count [Range] count [Range] count

Hit Rate Hit Rate Hit Rate

1.42% 0.061% -2.237%

Global Bonds [-7.51%; 8.93%] 374 [-7.07%; 4.19%] 46 [-3.14%; -0.47%] 5

67% 59% 0%

2.42% 1.931% -2.154%

SA Bonds [-8.72%; 12.57%] 244 [-6.25%; 7.42%] 46 [-6.71%; 2.21%] 5

78% 83% 20%

THANK YOU


TEAM PROFILESBIOGRAPHIES



Ms Nomavuso Mnxasana, CA (SA)B Compt Hons (UNISA), MCom (Tax Law) - pending

Nomavuso is a Chartered Accountant, having obtained her B Compt and Hons from the University of South Africa. She received hertraining at Deloitte and Touche. After completing her articles, she spent one year at Deloitte before joining Sizwe Ntsaluba vsp (formerNkonki Sizwe Ntsaluba). During her tenure at Sizwe Ntsaluba she specialised in consulting, internal auditing and attest function. Shestarted the Corporate Governance division which housed the internal audit services, as she identified this opportunity during theintroduction of the Public Finance Management Act (PFMA). She was also involved in staff development and training as a staff partner forfive years.

She then joined the Imperial Group as the Group Audit and Risk Executive. While at Imperial, she introduced Training Outside PublicPractice (TOPP). When she left the group, she had eleven TOPP Trainees who are spread across the group and still assists Imperial Groupon a consulting basis to ensure they receive adequate training. She was appointed to serve on the Board of Imperial Bank as a Non-Executive Director representing Imperial, a position she held until the bank surrendered its banking license in September 2010. She sitson a number of Boards in both listed and unlisted companies.

Ms Aziza Galiel, CA (SA), CFAB Com (UCT), Post Graduate Diploma in Accounting (UCT)

Aziza has a strong foundation of local and international auditing, accounting and forensic accounting experience, on which she then builtan investment management career. She worked at firms such as Oasis Asset Management and Sanlam Investment Management whereshe fulfilled the roles of analyst and portfolio manager. She then embarked on a journey that involved business consulting, foundingbusinesses to facilitate SMME business growth and development, ways to fund and proactively manage unlisted businesses, and ESG orImpact Investing. She has served on numerous NGO boards and was an Independent Non-Executive Director of JSE-listed Metair Limitedfor just under seven years.

BOARDNON-EXECUTIVE DIRECTORS

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Ms Tasneem SulaimanB Proc (UWC)

Tasneem is an admitted attorney of the High Court of South Africa and a member of the Institute of Directors. She has a wealth of seniorstrategic business experience across the retail, petroleum and banking sectors. She previously served on the Board of Engen PetroleumLimited and the boards of several retirement funds, which will provide an additional client-centric view to our firm. She currently serves onthe Kaap Agri Bedryf Limited Board as the Executive Director for Corporate Affairs and is a member of the Social and Ethics committee.

Luyanda Joxo, CFAB Com Hons (Fin Mgt) UCT, B Tech (Cost & Mgt Acc) CPUTCFA Charter Holder

Luyanda has over 21 years’ financial services industry experience. His previous experience includes financial and managementaccounting roles in Banking, FMCG and the Oil Industry.

BOARDNON-EXECUTIVE DIRECTORS CONT.

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Dr. Manas Bapela (Chief Executive Officer)PhD (Mathematics) Univ of Pretoria, M Sc (Mathematics) cum laude Global Investment Risk Mgt (Oxford University) UK

Manas has over 22 years’ relevant industry experience including lecturing, investment analysis and portfolio management across theasset class spectrum, including derivatives. He has multi organizational experience at leading firms such as Standard Corporate &Merchant Bank and Taquanta Asset Managers. In addition, Manas is also a published contributor to mathematics journals, a regularindustry conference presenter and a member of the investment committee of the IRF (Institute of Retirement Funds).

Sello Setai (Chief Operating Officer)M Com (Financial Management) UCT, B Acct (Accounting & Tax) UKZN

Sello has over 20 years’ relevant financial management and portfolio administration experience. He spent over four years at the RSAsubsidiary of NYSE listed global asset manager, Alliance Capital Management LP (now Alliance Bernstein LP) where he oversaw financeand administration on a client book in excess of ZAR12 billion.

MANAGEMENTTEAM

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Mark Ansley (Head of Equities)B Com Hons (UCT)

Mark joined Argon Asset Management in March 2016. He has over 26 years investment industry experience acquired at Old Mutual,Prudential, African Harvest, Cadiz and Citadel, where he held various roles, starting off as a dealer across all asset classes and latertaking on the responsibilities of equity analysis and portfolio management.

Mark was a founding member of African Harvest Fund Managers in 1999. In 2005, he launched and successfully managed theMasterMind Equity Unit Trust. Shortly after launching the fund, African Harvest Fund Managers was bought by Cadiz Asset Managementwhere he continued to work until November 2011. During this period, he participated in the houseview equity portfolio constructionprocess. In December 2011 he joined a team of former African Harvest members that managed a portion of Citadel’s in-house fundswhere they successfully managed a dividend focused mandate and a relative value mandate.

Dudu Tembo (Portfolio Manager)M Sc & DIC, Imperial College London University, UK, B Sc Hons (Engineering) Univ of Newcastle upon Tyne

Dudu started her investment career as an equity analyst 23 years ago at Investec, followed by a role as a fixed income risk analyst atGensec Asset Management. She joined African Harvest Fund Managers soon after inception and spent nearly six years as a member ofthe equity team. In 2007, Dudu was a founding partner and shareholder of Orthogonal Investments, which was integrated into CitadelAsset Management in 2011. While at Citadel, Dudu co-managed a number of domestic and global equity funds, including dividendfocused mandates.

INVESTMENTTEAM

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Mpandekazi Maneli, CA SA (Portfolio Manager) B Com (Accounting), UCTB Com Honours (Accounting), University of Natal

Mpande joined the equities team as a Portfolio Manager and Analyst on 1st September 2018. She is a Chartered Accountant with 12years investment management experience. Her multi-organisational experience includes 5 years at Cadiz Asset Management in the roleof Equity Analyst and Senior Financial and Industrial Sector Analyst. She also spent 3 years at Momentum Asset Management where shewas a Senior Equities Analyst and Head of Research for the Momentum Unconstrained Equity Strategy team. Her most recent role was atMatrix Fund Managers where she was responsible for Business Development and Client Services.

Lebohang Mofokeng (Equities Analyst)B Com Hons (Financial Analysis and Portfolio Management), B Tech (Metallurgical Engineering) (cum laude)Investment Management Certificate (IMC) UK Alum of the Argon Schroders Graduate ProgramCandidate CFA Level II

Lebohang is a graduate from Welkom. He has numerous achievements including earning 20 distinctions (3 distinctions at B Tech and 17distinctions at ND levels). He has also received recognition as the best final year Metallurgy student in SA (offered by FOSECO), a top 10Achiever Award in first year, Top Learner award in Matric (Free State province), Dux Learner recognition, twice winner of the DST Sciencequiz, and has been on the Dean’s Honours rollover list three times. His past leadership roles include being an SRC president and have ledhim to receiving a Junior Civil Guard of Honour at the South African Parliament (2009). Lebo is an Alum of the Argon Schroders GraduateProgram.

INVESTMENTTEAM CONT.

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Museja Makhaga (Equities Analyst)BSc (Hons) Computational and Applied Mathematics (Univ of Witwatersrand); National Certificate in Financial Markets & Instruments (Hedge Fund Academy)Candidate CFA Level II

Museja joins Argon from Perpetua Investment Managers where she was an Investment Analyst responsible for providing research onseveral sectors including property, food and clothing retailers. She also provided input on credit analysis and the screening of propertystocks. She was previously a Trainee Equity Analyst at Sanlam Investment Management where she covered local property stocks. Musejahas 5 years investment experience.

Siseko Joxo (Senior Dealer)B Com (Accounting) UWC, Alumni of the Argon Schroders Graduate ProgramCandidate CFA Level II

Siseko participated in our Graduate Development Programme, presented in partnership with our offshore partner, Schroders InvestmentManagement. On returning from London where he underwent investment training with Schroders, he joined the Argon investment team tocomplete his training program. In January 2015 he became a permanent employee of Argon in the role of Equities Dealer.

Batheeng Mashoeshoe (Equities Dealer)B Com Hons (Finance & Economics) RhodesCandidate CFA Level I

Batheeng is a graduate from GA-Matlala, Sekhukhune in Limpopo. He joined Argon in November 2018. Prior to joining Argon, heparticipated in various graduate programs from different asset managers such as Mazi Asset Management, Stanlib Asset Managementand Legae Securities.

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Ruen Naidu (Head of Multi Asset Class)B Bus Sc Hons (Actuarial Science) UCT

Ruen is a seasoned investment professional with a solid portfolio management track record and extensive asset allocation, fixed incomeand hedge fund focus. He has expertise in investment strategy with a sound investment approach that incorporates a robust top-downview formation framework. Having entered the markets during the Great Financial Crisis in 2008, he has a keen awareness for riskmanagement in volatile conditions. Prior to Argon, his investment experience was obtained at PSG Asset Management, South Easter FundManagement and Cadiz Asset Management. Before entering the markets, he worked as an Actuarial Consultant for a global IT firm thatbuilt premium calculation models for US life insurers. Over his investment career he has managed various types of mandates includingFixed Income Hedge, Bond, Absolute Return, Balanced, Liability Driven Investments, Exchange Traded Funds, Money Market (Sterling,Dollar and Rand).

Krishna Sathee (Head of Fixed Income)B Sc Hons (Statistics) UNISA

Krishna has over 24 years’ fixed income investment experience. His experience was acquired at firms including Allan Gray Ltd, AfricanHarvest Fund Managers & Oasis Asset Management in the positions of Fixed Income Trader, Analyst & Portfolio Manager. As the longeststanding member of the Argon investment team, Krishna has contributed greatly to the formidable track record in the Fixed Incomeproducts.


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Janine Pein, CA SA (Head of Credit)B Com WITSBachelor of Accounting Science Hons UNISA

Janine joined the Argon Fixed Income team as a Credit Analyst in 2016. Apart from working closely with the Fixed Income and Multi-AssetClass teams, her responsibilities include making technical inputs to the Argon Credit Committee. She has more than 19 years’experience, having worked in the UK and South Africa. Previous experience was gained at Nedbank Capital’s Debt Origination team andStandard Bank, where she was Head of Credit Research at. She’s a member of the Investment Analyst Society and a rated analyst (Spireand FM Awards).

Litha Madabane (Fixed Income Analyst)B Tech (Management) (cum laude) MMU, Alumni of the Argon Schroders Graduate Program Candidate CFA Level I

Litha is from Port Elizabeth and is currently expanding her knowledge in the investments field by studying towards a Wealth Managementqualification. Her past achievements include 12 distinctions (9 distinctions in her ND qualification as well as 3 distinctions in her B Tech)as well as attaining Golden Key Society membership at NMMU. Litha is an Alumni of the Argon Schroders Graduate Program.

Andile Sibanda (Trainee Investment Analyst)B Com (Fin, Inv & Economics) UWC, B Com Hons (Economics) UWC, M Com (Economics) UCT - candidate

Andile joined Argon in May 2021. She is one of our former bursary holders and spent a fair amount of time with us doing projects with our Macro Team. After completing her BCom degree with UWC, she went further to complete her BCom honours in Economics also at UWC. She recently submitted her MCom (Economics) dissertation at UCT after successfully completing the requisite coursework.


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Tobias Brandt, CFA (Head of Analytics & Customised Solutions)BSc Hons (Applied Mathematics), BSc (App Mathematics & Physics), UCTCFA Charter Holder

Tobias has over 17 years’ investment management experience. After a short stint as a lecturer at UCT he entered the finance field in 2004 when hejoined Nedbank Capital on their Graduate Trainee program, where he was exposed to all aspects of corporate and investment banking. In January 2005he joined Taquanta Asset Managers in the role of Investment Analyst. At Taquanta he developed derivative pricing models and was responsible forresearching and developing Taquanta’s price indifferent investing process. After 3 years at Taquanta Tobias joined AHL in London, a hedge fund andpart of Man Group PLC, the world’s largest hedge fund group at the time. At AHL he worked on their quantitative equity market neutral fund whichtraded in four global regions. After two years in London, he returned to Taquanta as a portfolio manager responsible for modelling and managingstrategies in Taquanta’s absolute return and equity funds.

Monde Sinxi (Data Scientist)MSc (Chemistry) UCT, BSc Hons (Chemistry) UCT, BSc (Chemistry & Physics) Rhodes University

Monde is a PhD candidate in the field of computational chemistry at UCT where his focus has been processing information from molecular simulationsusing Python. He has also been working part-time as a Junior Data Scientist at Exegetic Analytics, a data science consultancy. Other accomplishmentsinclude lecturing Quantum Mechanics, Symmetry and Group Theory in the Chemistry Department at UCT.

Gomma Bangani (Risk & Performance Analyst)BSc Hons (Pure Mathematics) University of Fort Hare, BSc Hons (Applied Statistics) University of Fort Hare, Financial Markets & Instruments (NFQ6) Full Value Financial Services

Gomma has five years’ experience in financial services and joined us from Global Prime Partners - a global hedge fund brokerage firm where he was aRisk Analyst. He started his career as a Trainee Investment Risk and Performance Analyst at Stanlib Asset Management where he also gained a diplomain Financial Markets and Instruments. He later joined Mergence Investment Managers as the Risk & Performance Analyst. He is currently busy withCIPM level one.


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Ahmed Omar (Portfolio Administration Manager) Business Training Prog, Systems Analysis & Design (WITS)

Ahmed has over 36 years’ financial services industry experience in the capacity of Administration Manager, Operations Manager & SeniorBusiness Analyst. Ahmed joined Argon from Maitland Fund Services where he was Head of Operations. His other industry experience wasacquired at major financial services companies including Old Mutual Life Assurance, Futuregrowth Unit Trust and Southern InternationalAsset Management.

Nozi Mkhize (Senior Portfolio Administrator)B Com (Financial Accounting) UCT

Nozi joined Argon in December 2018. She has over 8 years financial services years experience acquired from Syntell (Pty) Ltd where sheworked as a Revenue Accountant, Zest Life Investments where she was a Junior Accountant and most recently, at Prescient Life Ltdwhere she was a Portfolio Administrator.

Tharollo Machili (Portfolio Administrator)B Com (Economics) Walter Sisulu UniversityB Com Hons (Financial Markets) University of Fort HareM Com (Economics) (cum laude) Nelson Mandela Metropolitan University

Tharollo joined Argon in January 2021 from SANNE Fund Services where she was an Investment Administrator for over 2 years. Prior to that, she did her internship as a Provincial Budget Analyst at National Treasury.

OPERATIONS

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Sekiwe Ndala, MAAT (SA) (Financial Controller)B Tech (Cost & Mgt Acc) NMMU, Investment Analysis & Portfolio Management Certificate (UNISA)

Sekiwe has 14 years’ financial services industry experience. Her prior experience is in auditing and accounting at Alpha Milliard CharteredAccountants where she completed her articles.

Nthabiseng Malgas (HR & Operations Officer)B Public Admin Hons USB, B Soc Sc (Politics, Public Policy & Admin) UCT

Nthabiseng joined Argon in October 2016 as an Operations Administrator, to assist particularly in the area of HR administration. Shefulfilled similar roles at Savara Tack and XS International (Pty) Ltd.

Sandiswa Kodwa (Assistant Accountant)B Com (Finance) UWC, Post Grad Diploma in Finance UWC

Sandiswa joined Argon in April 2019 from the South African Revenue Services where she worked for over three years as a Tax Agent andDebt Consultant.

Siphokazi KetoBachelor of Commerce, UWC

Siphokazi joined Argon in April 2021. She was one of our former bursary holders while completing her B Com degree at UWC. She will beassisting us in the Compliance Function.

OPERATIONS

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Jeremy Jutzen (Client Relationship Manager) Marketing Mgt and Business Mgt Diplomas (Varsity College), Higher Certificate in Financial Markets (Academy of FinancialMarkets), Certificate in DTP (Vega)

Jeremy joined Argon in June 2013 and takes on the role of Client Relationship Officer. He joined us from Nedgroup Investments where hewas the marketing co-ordinator and also responsible for all investor communication. He has a wealth of experience in technical marketingacquired at firms such as Old Mutual, Ginsburg Malan & Carsons and African Harvest.

Itumeleng (Tumi) Matsobane (Business Development Manager)

Tumi joined Argon in June 2019. He has 16 years retirement fund industry experience and has held senior client relationshipmanagement positions across employee benefits advice and administration services to institutional retirement funds. He joins us fromSanlam Employee Benefits where he was a Senior Client Relationship Manager. Previously, he held similar positions at NegotiatedBenefits Consultants (NBC) and SA Quantum Consultants & Actuaries. Tumi has existing relationships with most of our clients havingserviced them on employee benefits solutions.

CLIENT MANAGEMENT & DISTRIBUTION

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DISCLAIMER &CONTACT DETAILS



DISCLAIMER

Boutique Collective Investments (RF) (Pty) Ltd (“BCI”) is a registered Manager of the Boutique Collective Investments Scheme, approved in terms of the Collective Investments Schemes Control Act, No 45 of 2002 and is a full member of the Association for Savings and Investment SA.

Collective Investment Schemes in securities are generally medium to long term investments. The value of participatory interests may go up or downand past performance is not necessarily an indication of future performance. The Manager does not guarantee the capital or the return of a portfolio.Collective Investments are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees, charges and maximumcommissions is available on request. BCI reserves the right to close the portfolio to new investors and reopen certain portfolios from time to time inorder to manage them more efficiently. Additional information, including application forms, annual or quarterly reports can be obtained from BCI, freeof charge.

Performance figures quoted for the portfolio is from Morningstar, as at the date of this document for a lump sum investment, using NAV-NAV with income reinvested and do not take any upfront manager’s charge into account. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the initial fees charge applicable, the actual investment date, the date of reinvestment and dividend withholding tax.

Investments in foreign securities may include additional risks such as potential constraints on liquidity and repatriation of funds, macroeconomic risk,political risk, foreign exchange risk, tax risk, settlement risk as well as potential limitations on the availability of market information.

Boutique Collective Investments (RF) Pty Ltd retains full legal responsibility for the third party named portfolio.

Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, BCI does not accept any responsibility for any claim, damages, loss or expense, however it arises, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of BCI/the Manager’s products.

Income funds derive their income from interest-bearing instruments in accordance with Section 100(2) of the Act. The yield is a current yield and is calculated daily.

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CONTACT DETAILS


Jeremy JutzenClient Relationship ManagerT +27 21 670 6592 | M +27 83 703 8523E [email protected]

Cape Town Office1st Floor, Colinton House, The Oval, 1 Oakdale Road, Newlands, 7700, Cape TownSwitchboard +27 21 670 6570 | Email [email protected] www.argonassetmanagement.co.za



Ruen Naidu (Head of MAC & Macro Strategies)

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